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is straight forward and simple. For Tradency, the Mirror Trader is intuitive and easy to use, which is why many novice traders find the platform a smooth and friendly way to enter the forex market, claims Nabat.
Demo accounts are available for new traders to home their skills on, Nabat explains: “Mirror Trader provides many options and tools, so each trader can easily find the most suitable trading style for them. I think that the fact that 73% of the clients that open demo accounts are active demonstrates in the best way how easy it is for a new user to understand how to trade with the Mirror Trader. Te platform also helps traders gain confidence in their trading, as they get ‘social proof’ for their decisions from more experienced traders. It is much easier for a trader to make decisions, when he is not alone and may use other traders’ activity as a backup.”
Lior Nabat
“When users are able to share their activity and be connected with other traders, it will make them spend more time in their trading platform. It will not just be about opening trades and monitoring their account; users will be able to exchange ideas, learn from other users, and discuss their activity with others.”
performance table shows various parameters to help traders understand which strategies are taking more risks and which are more conservative. Naturally it is recommended for traders with smaller accounts to follow more conservative strategies.”
While Forman comments: “I personally think that social platforms that are based on real money activity among the members, as opposed to demo trading, have considerably more to offer. Tey create a much higher degree of focus and transparency between and among participants. Demo accounts are great learning tools, but they are a far cry from representing what happens when someone’s money is actually at risk. Social network members will get a lot more from interacting about things they are actually doing as opposed to just pretending to do.”
Easy to use Te on-boarding process for social investment platforms
176 | april 2012 e-FOREX
In addition, in the latest version of Mirror Trader Tradency has made two significant changes in order to make it even easier for traders to use it; the first change is to the business model, so that users are able to use Mirror Trader at no extra cost, with no commissions on the trades and no fee for using the platform.
Te second change is a technological change that aims to make the on boarding process much easier for the platform. In the next version, users who hold accounts with brokers that offer the Mirror Trader will be able to login to it with their existing user name and password. Mirror Trader will be fully synchronised with their existing account, so the trader will be able to trade on the same account with two different platforms.
Semi-mirroring
Most Mirror Trader users still choose to use the platform for automatic trading, comments Nabat. He says they select a strategy and let it trade for them. However, he adds that since Tradency added the semi-mirroring option, more and more traders are opening manual trades in addition to following strategies automatically. “Tis is probably because they can see the positions the strategy provider opens and it encourage them to open similar positions,” he notes.
An up and coming feature of the Tradency platform will make it even more social, Nabat adds: “In the next version of Mirror Trader we are going to expand the social features of the platform and enable traders to communicate with each other as well as with the strategy providers. In addition they will be able to view
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